BRIEF: Tsingtao Brewery profit dips on sluggish beer market
0158.HK
600600.SHG
Tsingtao Brewery Co. Ltd. (0168.HK; 600600.SH) said Tuesday that its revenue fell 5.3% to 8.89 billion yuan ($1.25 billion) in the third quarter, while its net profit fell 9% to 1.35 billion yuan.
For the first nine months of the year, the leading beer maker’s revenue decreased 6.5% year-on-year, but its net profit rose by 1.7%. The company said it will continue to promote product innovation and structural optimization in the face of sluggish consumption in the domestic beer market, while increasing promotions to further develop the market. Tsingtao Brewery’s Hong Kong-listed shares fell 5.3% to HK$50 in early Wednesday trade.
By A. Au
To subscribe to Bamboo Works free weekly newsletter, click here
